Cryptocurrency giant Coinbase has fundraised millions according to their recent report in an effort to push forward digital asset integration.
“Today, we’re pleased to announce that Coinbase will add an additional $300 million of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets,” says Coinbase COO Asiff Hirji in a CoinBase Medium blog post.
The Series E equity financing round was headed up by Tiger Global Management alongside other high-profile investors like Y Combinator Continuity, Andreessen Horowitz, Wellington Management, and Polychain.
Coinbase outlines in their report the ways they plan to use this $300 million fund effectively. Their plans mention things like building infrastructure to support global expansion for fiat-to-token markets worldwide. The crypto-first company is also looking to offer more crypto assets on their platform with a goal of one-day having thousands of cryptocurrencies supported.
Their two other mentioned plans are the development of utility applications for crypto and bringing institutions into the crypto sphere. Coinbase believes that by adding features and assets to their custody offerings, they will be able to attract institutional funds that have so far been reluctant to join the community.
Coinbase’s recent fundraising could mean more than just good news for Coinbase. The reputable exchange acquiring resources and building the infrastructure to support the global daily use of digital assets improves liquidity for all. It also signals that investors are willing to spend money in the space despite the bear market conditions.